According to the latest report by IMARC Group, titled “Latin America Human Resource (HR) Technology Market: Industry Trends, Share, Size, Growth, Opportunities, and Forecast 2022-2027”, the human resource (HR) technology market ) in Latin America reached a value of US$910 million in 2021. Looking forward, IMARC Group expects the market to reach US$1,584 million by 2027, with a CAGR of 9 .57% in 2022-2027.
Impact of COVID-19:
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Human resource (HR) technology refers to software and hardware tools that automate various HR processes in organizations. It helps streamline HR processes, such as employee payroll and compensation, onboarding, talent acquisition and management, workforce analysis, and performance management. It is widely used to collect information and generate analytical reports for better decision making and data storage. It helps minimize the manual effort needed to perform various time-consuming tasks while reducing administrative and compliance costs and ensuring fair compensation practices. As a result, HR technology has gained immense popularity in Latin America as a cost-effective and time-saving solution to improve overall HR team productivity and organizational workflow.
Latin America HR Technology Market Trends:
In Latin America, the expansion of the information technology (IT) industry and the rapid digitalization in the business sector are the main drivers of market growth. Also, the growing number of HR startups in countries like Brazil is another major growth driver. Additionally, there has been widespread adoption of digital onboarding solutions due to the emerging trend of work-from-home (WFH) or remote work models amid the recent coronavirus disease (COVID-19) outbreak. ). Along with this, the growing penetration of cloud-based HR technology software systems has increased the demand for the products. Additionally, major players are integrating advanced technologies, including artificial intelligence (AI), machine learning (ML), and analytical algorithms, with HR technology tools to improve employee recruitment, engagement, and retention. . In this light, the large investments by organizations in innovative HR software solutions to facilitate smooth operation and reduce the risk of systemic errors has catalyzed the growth of the market. Other factors including aging traditional HR tools, growing labor force, complex management practices, ongoing research and development (R&D) activities, and technological advancements are also creating favorable market prospects.
Key Market Segmentation:
The report has segmented the Latin America human resource (HR) technology market on the basis of application, type, end-use industry, company size, and country.
Breakdown by application:
• Talent management
• Payroll management
• Performance management
• Workforce management
Breakdown by type:
Breakdown by end-use industry:
• TTH (travel, transport and hospitality)
• Public sector
• Health care
• Computer science
• BFSI (Banking, Financial Services and Insurance)
Breakdown by business size:
• Less than 1,000 employees
• 1,000 to 5,000 employees
• More than 5,000 employees
Breakdown by country:
Competitive landscape with key players:
The competitive landscape of the Latin America Human Resource (HR) Technology Market has been studied in the report along with the detailed profiles of key players operating in the market.
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Main highlights of the report:
• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Market trends
• Market drivers and success factors
• Impact of COVID-19
• Value chain analysis
• Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.
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